LME aluminium prices recover as cash reaches $3,769.5/t and 3-month contract gains 1.24%

The London Metal Exchange (LME) aluminium prices eased on the May 29 session after shooting up on the May 28 session . The cash price, however, remained above USD 3,700 per tonne. As both near-term and longer-dated contracts continued to rise, stocks recorded a consistent decline. The LME aluminium cash bid as well as offer prices gained 0.92 per cent day-on-day on May 29. The bid rose from USD 3,734.5 per tonne to USD 3,769 per tonne as the offer edged up from USD 3,735 per tonne to USD 3,769.5 per tonne. LME aluminium three-month bid price climbed from USD 3,638 per tonne on May 28 to USD 3,684.5 per tonne on May 29, marking a 1.28 per cent surge. The offer price recorded an improvement of 1.24 per cent, moving from 3,640 per tonne to USD 3,685 per tonne. On the longer-dated contracts, both the Dec-27 bid and offer prices recorded a 1.23 per cent gain over the previous session. The bid closed at USD 3,298 per tonne, climbing from USD 3,258 per tonne, and the offer soared to USD 3,303 per tonne from USD 3,263 per tonne. The LME aluminium three-month Asian Reference Price closed at USD 3,666.5 on May 29, continuing the rising trend by 0.81 per cent from USD 3,637 per tonne on May 28. LME aluminium stocks recorded further decline as of May 29. The opening stocks dipped from 339,250 tonnes to 338,000 tonnes, reflecting a difference of 0.37 per cent. Similarly, live warrants slumped from 259,625 tonnes to 254,625 tonnes, indicating a dip of 1.93 per cent. In contrast, cancelled warrants amounted to 83,375 tonnes, rising 6.38 per cent from 78,375 tonnes. LME alumina platts remained unchanged at USD 306.75 per tonne on May 29.